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. >> we're now four weeks from that so called fiscal cliff and talks between democrats and republicans in washington have stalled. january 1 bush era tax cuts cuts affecting defense and social spending. house republicans offered a plan including $800 billion in revenue. the president says it's not good enough. >> we're going to have to see the rates on the top 2% go up z we're not going to be able to get a deal without it. it's not:hlj partisan. >> the plan is also not popular with some republicans. opular with some republicans. conceding that the federal government needs more money negotiating with ourselves and treating the proposal like it's serious. >> there is one area that may have found common ground. raising the age when seniors can receive some medicare. >> an eight day strike by shippingl2?sq)ks. both sides agreed to mediation. lines being7kuñ honored by 10,0 long shore men. the strike against 14 shipping lines is costing the u.s. economy $1 bi=es; a day in lost trade. the union jobs claims jobs being shipped overseas. the port says it's offering clerks lifetime job secur
. >> we're now four weeks from that so called fiscal cliff and talks between democrats and republicans in washington have stalled. january 1 bush era tax cuts cuts affecting defense and social spending. house republicans offered a plan including $800 billion in revenue. the president says it's not good enough. >> we're going to have to see the rates on the top 2% go up z we're not going to be able to get a deal without it. it's not:hlj partisan. >> the plan is also not popular...
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. >> president obama urged twitter followers on monday to support his position on fiscal cliff debate. president wants debt reduction that includes higher taxes on the wealthy. congressional republicans came one a counter proposal. their plan would reduce the national de 2.2 trillion including 800 billion in new tax revenue but no tax increase for the top 2% of earners. if congress and president can not reach an agreement income taxes will automatically go up for nearly all americans. >> 7 news teaming up with a job journal for another higher event. cawtersre than 350 jobs available at the free event in san jose. >> among the company hiring, hyatt regency santa clara. california army national guard. new york life insurance and financial services as well as sleep train.so what to do bring the resume to the double tree hotel in san jose from noon until 4 tomorrow. good opportunity to perhaps find the job you are looking for. >> magician from chico is recovering from severe burns to his head and face it happened while wayne was performing on television in the dominican republic and the s
. >> president obama urged twitter followers on monday to support his position on fiscal cliff debate. president wants debt reduction that includes higher taxes on the wealthy. congressional republicans came one a counter proposal. their plan would reduce the national de 2.2 trillion including 800 billion in new tax revenue but no tax increase for the top 2% of earners. if congress and president can not reach an agreement income taxes will automatically go up for nearly all americans....
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. >> president obama urged twitter followers on monday to support his position on fiscal cliff debate. president wants debt reduction that includes higher taxes on the wealthy. congressional republicans came one a counter proposal. their plan would reduce the national debt by 2.2 trillion including 800 billion in new tax revenue but no tax increase for the top 2% of earners. if congress and president can not reach an agreement income taxes will automatically go up for nearly all americans. >> 7 news teaming up with a job journal for another higher event. cawters have more than 350 jobs available at the free event in san jose. >> among the company hiring, hyatt regency santa clara. california army national guard. new york life insurance and financial services as well as sleep train.so what to do bring the resume to the double tree hotel in san jose from noon until 4 tomorrow. good opportunity to perhaps find the job you are looking for. >> magician from chico is recovering from severe burns to his head and face it happened while wayne was performing on television in the dominican repub
. >> president obama urged twitter followers on monday to support his position on fiscal cliff debate. president wants debt reduction that includes higher taxes on the wealthy. congressional republicans came one a counter proposal. their plan would reduce the national debt by 2.2 trillion including 800 billion in new tax revenue but no tax increase for the top 2% of earners. if congress and president can not reach an agreement income taxes will automatically go up for nearly all...
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. >>> we begin this half hour with latest on efforts to avoid the fiscal cliff. the plan being put forward is now coming under fire from within his own party. president obama says there will be no deal unless republicans drop opposition to raising taxes on wealthyest americans. we have more now from washington, d.c.. >> was the white house and congressional republicans put forward a plan to avoid the fiscal cliff, now, they're miles apart, gaining in their heels. the president told bloomberg tv a deal is possible, but... >> this proposal now is still out of balance. >> the plan sent yesterday offers a total of 2 tth $2 trillion in deficit reduction including $1.2 trillion in spending cuts. and00 billion in new tax revenue no. rate increases in top two percent of taxpayers. that is nonnegotiatable for the president. >> we're not going to be able to get a deal without it white house says the math doesn't add up. >> it's magic beebs and fairy dust. >> with just 28 days until deadline, negotiations reach aid stalemate. >> there is nothing going on privately that is n
. >>> we begin this half hour with latest on efforts to avoid the fiscal cliff. the plan being put forward is now coming under fire from within his own party. president obama says there will be no deal unless republicans drop opposition to raising taxes on wealthyest americans. we have more now from washington, d.c.. >> was the white house and congressional republicans put forward a plan to avoid the fiscal cliff, now, they're miles apart, gaining in their heels. the president...
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failure is not on the table. >> going over fiscal cliff will hurt our economy. >> boehner said republicans are committed to a compromise. >> rinz are willing to put revenue on the table. >> so hard ball politics were left to house majority leador eric cantor complaining the white house hasn't come to the table with concession autos we have not seen any good faith efforts on the part of this administration to talk about the real problem. we're trying to fix. tomorrow, round two. abc news, washington. >> president ob dwraum -- obama will meet for a private lunch with mitt romney. the president promised to meet with his rival and that he would consider romney's ideas. romney commented he believed the president won because of so called gifts he gave to hispanics, blacks and young voters. we'll see how the meeting go autos one thing you can do to give your cholesterol lowering drugs a boost. >> a woman finds success on the internet spoofing popular videos and how she's using the start up to give back. >> i'm michael finney. today 7 on your side q and a is just ahead. so you can contact me right
failure is not on the table. >> going over fiscal cliff will hurt our economy. >> boehner said republicans are committed to a compromise. >> rinz are willing to put revenue on the table. >> so hard ball politics were left to house majority leador eric cantor complaining the white house hasn't come to the table with concession autos we have not seen any good faith efforts on the part of this administration to talk about the real problem. we're trying to fix. tomorrow,...
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. >> still to come tonight at 6:00 republicans offering a solution to ending the fiscal cliff-hanger. how not solving it will affect your family pocketbook. >> from the state capitol tonight, new lawmakers taking their seats. what is still to come now that democrats hold a super majority. >> and kate middleton's emergency trip to the hospital. she could be there for days with something much worse than morning sickness. >>> less than a month to go until the u.s. could spend massive spending cuts and tax increases known as the fiscal cliff. >> tonight we're no closer to a deal. mark matthews is here now with latest for us. >> it's been 16 days since president and leaders met to talk about avoiding ts fiscal cliff n that time, nothing much moved. now, we've got three weeks in change, and the failure will be felt by everyone. in san francisco's cafe, the owner has been watching the fiscal cliff creep closer hoping for a resolution. >> if they don't, it's going to be tough. >> he's talking about employ qleez can see income taxes increase by a couple thousand dollars. >> cost of living is r
. >> still to come tonight at 6:00 republicans offering a solution to ending the fiscal cliff-hanger. how not solving it will affect your family pocketbook. >> from the state capitol tonight, new lawmakers taking their seats. what is still to come now that democrats hold a super majority. >> and kate middleton's emergency trip to the hospital. she could be there for days with something much worse than morning sickness. >>> less than a month to go until the u.s. could...
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cliff. this morning president obama will host some of the nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on the top 2% of income earners. republicans counted with a 2.2 trillion dollar deficit reduction plan, 800 billion dollars in revenue, but didn't call for raising tax rates on wealthy. the proposal was quickly ejected with the white house. >>> new -- rejected by the white house. >>> new poll shows -- gallup asked americans to rate honesty and ethical standards car salesmen got lowest marks 8% marked them high or very high. congress is just above them, only 10% scored in the top two categories to be honest. journalists 24%. top of the rankings, nurses, 84% of americans gave them the highest marks and of course meteorologists right behind that >> i was going to say even though it is not darn -- not a 100% science -- [ talking over each other ] >> 100% science that has accuracy, a little less -- okay stop digging. [ talking
cliff. this morning president obama will host some of the nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on the top 2% of income earners. republicans counted with a 2.2 trillion dollar deficit reduction plan, 800 billion dollars in revenue, but didn't call for raising tax rates on wealthy. the proposal was quickly ejected with the white house. >>> new -- rejected by the white house. >>> new poll shows --...
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. >>> now, we turn to the battle over how to keep the nation from going over that so-called fiscal cliff. the clock is ticking now. 27 days to go. >> and president obama and congressional republicans are making plenty of sound bytes about it all. but very little progress. abc's tahman bradley has the details from washington. >> reporter: democrats and republicans remain light years apart. here's president obama, in an interview with bloomberg tv, describing house speaker john boehner's plan to avoid the fiscal cliff. >> unfortunately the speaker's proposal right now is still out of balance. >> reporter: the speaker's plan would raise $800 billion in tax revenue. but does so without raising tax rates for top income earners. the president says that's unacceptable. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: republicans, like rising star senator marco rubio, say raising taxes on the wealthy is the wrong approach. >> the tax increases he wants would fail to make even a small dent in the debt. it would hurt
. >>> now, we turn to the battle over how to keep the nation from going over that so-called fiscal cliff. the clock is ticking now. 27 days to go. >> and president obama and congressional republicans are making plenty of sound bytes about it all. but very little progress. abc's tahman bradley has the details from washington. >> reporter: democrats and republicans remain light years apart. here's president obama, in an interview with bloomberg tv, describing house speaker...
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tahman bradley has latest from washington. >> reporter: fiscal cliff talks have hit a stalemate only 29 days to go, republicans and democrats remain far apart over the weekend there was worry negotiations might fail. >> i think we are going over the cliff, it is clear they've made a political calculation. >> reporter: president obama and his team are demanding that congress allow bush era tax cuts to expire. >> there is no responsible way we can govern this country with those low rates in place for future generations those rates have to go up. >> reporter: republicans have drawn a line in the sand on raising tax rates signaling they are open to raising revenue by reforming the tax code and limiting reductions for the wealthy. >> right now i would say we are nowhere. >> reporter: president obama asking for 1.6 trillion in new tax revenue over 10 years, boehner is offering half that. the president offering 600 billion dollars in cuts to medicare and other programs. the speaker says that is not enough. he hasn't outlined what he thinks should be cut. if they can't avoid the fiscal cliff
tahman bradley has latest from washington. >> reporter: fiscal cliff talks have hit a stalemate only 29 days to go, republicans and democrats remain far apart over the weekend there was worry negotiations might fail. >> i think we are going over the cliff, it is clear they've made a political calculation. >> reporter: president obama and his team are demanding that congress allow bush era tax cuts to expire. >> there is no responsible way we can govern this country with...
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republicans and democrats are talking, no breakthrough locked in a stalemate. president obama demanding higher tax rates for the wealthy and permanent extension of the debt ceiling be part of a deal. >> he showed what is he is after is assuming unprecedented power without limit. >> reporter: republicans say they will only raise tax revenue in exchange for deep spending cuts. if washington can't strike a deal one casualty would be the end of compensation for long term unemployed, people like melinda worried. >> christmas and things of that nature probably off the table. >> reporter: aides met yesterday but no signs of progress. tahman bradley, abc7 news. >>> if you park at a bart station while riding the trains get ready for potential hike in fees by 50 cents twice a year at high volume lots. it would cap the increases to $3 a day. currently commuters shell out a dollar. west oakland costs five. bart makes 15 million dollars a year in parking fees, an increase could mean extra five million dollars annually. >>> muni offering riders a holiday gift, free rides onl
republicans and democrats are talking, no breakthrough locked in a stalemate. president obama demanding higher tax rates for the wealthy and permanent extension of the debt ceiling be part of a deal. >> he showed what is he is after is assuming unprecedented power without limit. >> reporter: republicans say they will only raise tax revenue in exchange for deep spending cuts. if washington can't strike a deal one casualty would be the end of compensation for long term unemployed,...
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. >>> with the fiscal cliff looming in just over a month, high-level negotiators meet today on capitol hill. one republican is suggesting that instead of risking a tax increase on everyone, it would be better to let tax increases for the top 2% of earners go up. but the top gop leader in the house says that's a no-go. >> the goal here is to control the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. it will hurt small businesses. it will hurt our economy. why? this is not the right approach. >> reporter: boehner and president obama said they are optimistic that a deal can be reached by christmas. >>> turning overseas to egypt, where opponents of president mohamed morsi are calling for a second revolution. morsi is addressing his people today. a speech in which he's expected to discuss his move last week to seize near absolute power. thousands have been on the streets of cairo protesting that move since. morsi is showing no signs, though, of backing down. >>> and with the conflict in syria showing no signs of ending, the ob
. >>> with the fiscal cliff looming in just over a month, high-level negotiators meet today on capitol hill. one republican is suggesting that instead of risking a tax increase on everyone, it would be better to let tax increases for the top 2% of earners go up. but the top gop leader in the house says that's a no-go. >> the goal here is to control the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. it will hurt...
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the whole fiscal cliff is forcing them to do something. but you nailed it on the specifics. it is tax rates. the president has said that tax rates will go up for the wealthy. republicans won't bend on that. yesterday, john boehner said, we are at a stalemate. yes, this is posturing. yes, this is washington. we have four weeks to go. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> reporter: you, too. >>> now, to the star college basketball players accused of abusing their position as big men on campus. they're now facing burglary charges for allegedly stealing thousands of dollars of stuff from their fellow students. and abc's john muller is covering the story. john? >> reporter: good morning, dan. hofstra students say iphones, computers and even cash has been disappearing from their dormrooms all semester. one victim used an app to track down her stolen ipad. when the investigation unfolded, the staggering news. now, four players from the division-i basketball team are under arrest. faces, covered in s
the whole fiscal cliff is forcing them to do something. but you nailed it on the specifics. it is tax rates. the president has said that tax rates will go up for the wealthy. republicans won't bend on that. yesterday, john boehner said, we are at a stalemate. yes, this is posturing. yes, this is washington. we have four weeks to go. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> reporter: you, too....
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. >> just 33 days left until the so-called fiscal cliff is reached, in washington, d.c. treasury-secretary timothy geithner is trying to get both sides to agree. republicans complain that democrats are basking in their win. >> the country doesn't need a victory lap, it needs leadership. it's time for the president and congressional democrats to tell the american people what spending cuts they are willing to make. >> nancy pelosi seen here with mexico's president-elect called out on the speaker. >> they passed a bill to extend middle income tax cuts. democrats stand ready to support it. president stands ready to sign it. why? why are you holding this up. >> president obama told boehner there is no deal unless to keep the tax rates go up for those earning more $250,000. >> 138 nations voted to granted the palestinian authority status as a non-member observer state. israel and united states voted against the controversial measure which could make it easier for the palestinian authority to pursue israel in international courts. palestinian president mahmoud abbas called it a
. >> just 33 days left until the so-called fiscal cliff is reached, in washington, d.c. treasury-secretary timothy geithner is trying to get both sides to agree. republicans complain that democrats are basking in their win. >> the country doesn't need a victory lap, it needs leadership. it's time for the president and congressional democrats to tell the american people what spending cuts they are willing to make. >> nancy pelosi seen here with mexico's president-elect called...
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january 1st, fiscal cliff getting closer. boehner the president a letter you lining the republicans' plan it took two hours for the white house to reject it, saying it benefits wealth any and sticks middle class with the bill. republicans want cuts to -- [ unintelligible ] we have quiet start here on wall street, positive, dow and s&p, nasdaq lower investors continuing to track what is going on in washington. bloomberg index this morning a little lower. another positive report on home prices up 6.3% in october biggest jump since june of 2006. pending forecast indicates november index up more than 7% in california better, up more than 9% in october. live at the new york stock exchange, i'm jane king. >> you passed on grease how about a little singing in the rain? >> [ unintelligible ] >> if mike wants to sing, go ahead. >> sing and dance. >> soft shoe over there. >> i have an umbrella for you. you -- good morning. 6:48, looking from mount tamalpais this morning back down on what is mainly cloudy to the south, turning to the no
january 1st, fiscal cliff getting closer. boehner the president a letter you lining the republicans' plan it took two hours for the white house to reject it, saying it benefits wealth any and sticks middle class with the bill. republicans want cuts to -- [ unintelligible ] we have quiet start here on wall street, positive, dow and s&p, nasdaq lower investors continuing to track what is going on in washington. bloomberg index this morning a little lower. another positive report on home...
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. >>> a fierce battle to avoid the fiscal cliff took a new turn today. treasury secretary tim geithner making a bold prediction that the republicans will go along with a tax hike for the healthy. but it certainly didn't sound that way on the other side. what is at stake for the average american family? with 30 days to go until the deadline? david kerley at the white house tonight. >> reporter: president obama and his white house team appear confident with the stronger hand in talks with house republicans, demanding and believing tax rates for the wealthy are going up. >> there is no responsible way we can govern the country with those low rates in place for future generations. those rates are going to have to go up. >> i was flabbergasted. i look at him and i said, you can't be serious. >> reporter: the two sides are seriously far apart. the president wants $1.6 billion in new tax revenue over ten years. the speaker wants half that. the president wants spending cuts, $600 billion. to medicare and other programs. not enough, says the speaker. >> if we gav
. >>> a fierce battle to avoid the fiscal cliff took a new turn today. treasury secretary tim geithner making a bold prediction that the republicans will go along with a tax hike for the healthy. but it certainly didn't sound that way on the other side. what is at stake for the average american family? with 30 days to go until the deadline? david kerley at the white house tonight. >> reporter: president obama and his white house team appear confident with the stronger hand in...
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so much for that brief burst of optimism in washington over the fiscal cliff talks. now republicans and democrats can't even agree on where things stand. >> no substantive progress has been made in the talks. >> and you know there is progress. >> treasury secretary tim geithner sat down with bipartisan congressional leaders to keep pushing for a deal. a top boehner aide said the plan geithner presented is, quote, completely unrealistic. and a top democratic aide said republicans have taken to screaming at them. if no action is taken by december 31st, 650 billion in cuts to the pentagon and domestic programs and tax increases automatically go into effect. after the meeting, the finger-pointing came quickly. republicans say democrats aren't bringing to the table a plan that include significant cuts to medicare and entitlement programs. >> revenue was only on the table. if they were serious. spending cuts. >> the white house drew its own line in the sand and said tax rates must go up on the top earners, but -- >> the middle-class tax cut should be made permanent. >> pre
so much for that brief burst of optimism in washington over the fiscal cliff talks. now republicans and democrats can't even agree on where things stand. >> no substantive progress has been made in the talks. >> and you know there is progress. >> treasury secretary tim geithner sat down with bipartisan congressional leaders to keep pushing for a deal. a top boehner aide said the plan geithner presented is, quote, completely unrealistic. and a top democratic aide said...
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investors closely monitoring lawmakers as they try to avert that fiscal cliff. you can see the dow up possibly optimism with secretary geithner meeting with senate leaders today. we give live to the new york stock ex >>> good thursday morning i'm meteorologist lisa argen. starting out with live doppler, wet roads in the north bay from cloverdale to clear lake it is very light rain but the showers are around from fremont into the south bay we are looking at very light returns this will be the case throughout much of the day today as we wait in anticipation for this next stronger storm system to head our way it to bring more rain, gusty winds and it will last through the overnight hours into tomorrow morning. this morning, through the afternoon light showers and a little break out there, with breezy winds. >>> 6:43. >> time to check with josh elliot for what is coming up on "good morning america." to g. do not miss a minute all coming up on "good morning america". >> josh tell scottie he's the bravest man i've ever seen. >> i agree. scottie eric says you are the b
investors closely monitoring lawmakers as they try to avert that fiscal cliff. you can see the dow up possibly optimism with secretary geithner meeting with senate leaders today. we give live to the new york stock ex >>> good thursday morning i'm meteorologist lisa argen. starting out with live doppler, wet roads in the north bay from cloverdale to clear lake it is very light rain but the showers are around from fremont into the south bay we are looking at very light returns this will...
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cliff. this morning president obama will host some of nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on top 2% of income earners. republicans countered with plan it would raise 800 billion dollars in revenue but doesn't call for raising tax rates on the wealthy the proposal was quickly rejected by the white house. >>> if you plan to fly anywhere for the holiday, book your flight right away. >> here's jane king with the bloomberg business report. >>> good morning. if you are thinking of flying over the holidays and don't have a ticket yes, book fast. airfares are up 4% compared to last year now that advanced purchase window can keep costs down if you buy 21 days in advance. if you are looking to save, christmas day airfares are cheaper along with december 27th and 31st, 17th and 18, may be good. congress gearing up to overall haul student loan debt collection wisconsin representative expected to introduce a measure this week
cliff. this morning president obama will host some of nation's governors to spread his message. the president wants to raise 1.6 trillion in revenue by increasing taxes on top 2% of income earners. republicans countered with plan it would raise 800 billion dollars in revenue but doesn't call for raising tax rates on the wealthy the proposal was quickly rejected by the white house. >>> if you plan to fly anywhere for the holiday, book your flight right away. >> here's jane king...
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cliff would be a big blow to the economy. >> it would be very damaging to average americans. there's no doubt about it. >> going over the cliff will hurt our economy, will hurt our job creation in our country. it's not fair to the american people. >> reporter: without a deal to cut the deficit, almost everybody's income taxes will go up january 1st. it's more than that. there will be automatic cuts to defense, to medicare doctors, to unemployment benefits. and that could mean another recession, but -- >> right now, i would say we're nowhere. period. we're nowhere. >> reporter: the white house is standing firm on taxes. >> rates have to go up. >> whose taxes are you going to raise? >> rates are going to have go up on wealthy americans. >> reporter: in addition to $1.6 trillion in tax hikes, the white house's latest offer includes $400 billion in unspecified medicare cuts and no limit on how much the government can borrow. the republican response? >> i was just flabbergasted. i looked at him and said, you can't be serious. >> reporter: two prominent republicans told me that hou
cliff would be a big blow to the economy. >> it would be very damaging to average americans. there's no doubt about it. >> going over the cliff will hurt our economy, will hurt our job creation in our country. it's not fair to the american people. >> reporter: without a deal to cut the deficit, almost everybody's income taxes will go up january 1st. it's more than that. there will be automatic cuts to defense, to medicare doctors, to unemployment benefits. and that could mean...
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some key republicans are looking at extending the middle class tax cuts past the fiscal cliff deadline and postponing the battle over the tax cuts for the wealthy until next month. >>> some things going on at the hospital. two australian deejays called the hospital posing at queen elizabeth and prince charles and got through to kate's private nurse. shockingly, if you hear the audio, who briefed them on her condition. >>> and a health scare for anderson cooper. he says he went blind for almost two days. he actually showed a picture of himself wearing an eye patch. he says he lost his sight for some 36 hours last week, while reporting from portugal, after spending a couple hours on the water. cooper said he felt like his eyes were on fire. it turns out, his eyeballs were sunburned. go figure. >> it can happen. >> it can apparently. >> i did not know that. >> you do now. >>> here's diane sawyer, with a preview of tonight's "world news." diane? >> hello, josh. hello to everyone on "gma." tonight, it's not just holiday shopping. join the movement. "made in america." creates new american jo
some key republicans are looking at extending the middle class tax cuts past the fiscal cliff deadline and postponing the battle over the tax cuts for the wealthy until next month. >>> some things going on at the hospital. two australian deejays called the hospital posing at queen elizabeth and prince charles and got through to kate's private nurse. shockingly, if you hear the audio, who briefed them on her condition. >>> and a health scare for anderson cooper. he says he went...
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. >>> now, the stalemate in washington over the fiscal cliff. everyone's taxes are set to go up in just over a month if congress and the white house fail to reach a deal. and the talks blew up yesterday, after republicans dismissed the latest offer from secretary tim geithner. just listen to house speaker john boehner and senate majority leader, harry reid. >> listen this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. >> i don't understand his brain. so, you should ask him. okay? >> tough words there. abc's jon karl is covering this all from capitol hill. jon, as we said, senate republican leader mitch mcconnell says he laughed out loud at geithner's offer. break down the offer from the white house and the republican objections. >> reporter: not only did he laugh out loud, the speaker saying it's unrealistic. the key is $1.6 trillion in tax increases over the next ten years. $50 billion in additional stimulus spending. $400 billion in medicare cuts. but unspecified over the ne
. >>> now, the stalemate in washington over the fiscal cliff. everyone's taxes are set to go up in just over a month if congress and the white house fail to reach a deal. and the talks blew up yesterday, after republicans dismissed the latest offer from secretary tim geithner. just listen to house speaker john boehner and senate majority leader, harry reid. >> listen this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult...
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have put forward a plan to avoid the fiscal cliff. but right now they're miles apart and digging in their heels. president obama told bloomberg tv a deal is possible, but -- >> unfortunately the speaker's proposal right now is still out of balance. >> reporter: that plan sent to the white house offers a total of $2.2 trillion in deficit reduction over the next decade. that includes $1.2 trillion in spending cuts and $800 billion in new tax revenue, but here's the key. no rate increases in the top 2% of taxpayers. that's non-negotiable for president obama. >> we're not going to be able to got a deal without it. >> reporter: the white house says the republicans' math just doesn't add up. >> it's magic beans and fairy dust. >> reporter: negotiations have reached a stalemate. >> there's nothing going on privately that is not going on publicly. >> reporter: there is no plan at this time for congressional leaders to meet with the president at the white house, and it doesn't sound like he's sending out invitations any time soon. >> i don't t
have put forward a plan to avoid the fiscal cliff. but right now they're miles apart and digging in their heels. president obama told bloomberg tv a deal is possible, but -- >> unfortunately the speaker's proposal right now is still out of balance. >> reporter: that plan sent to the white house offers a total of $2.2 trillion in deficit reduction over the next decade. that includes $1.2 trillion in spending cuts and $800 billion in new tax revenue, but here's the key. no rate...